Jump to content

if you had a million dollars...


Dirtyhip
 Share

Recommended Posts

1 minute ago, Mr. Grumpy said:

Pay off the mortgage.  Pay off the car loan.  Buy a new driveway.  I'd by you monkey.  Haven't you always wanted a monkey? 

I had a girlfriend with a pet monkey. They are cool but pets are full time. I don’t want a full time monkey.

  • Like 2
Link to comment
Share on other sites

3 minutes ago, Bikeguy said:

Yeah that was going to be my response.   I don't see any reason to do anything different.  

Not to sound hoity toity but yeah one million really isn’t enough to go crazy about.  Other than my mortgage & one car we really have no debt so not a lot to pay off.  So I’d splurge a little and bank it. 

Now 10 million I could really have some fun with...

  • Like 1
Link to comment
Share on other sites

Just now, ChrisL said:

Not to sound hoity toity but yeah one million really isn’t enough to go crazy about.  Other than my mortgage & one car we really have no debt so not a lot to pay off.  So I’d splurge a little and bank it. 

Now 10 million I could really have some fun with...

Agreed.  One million is not nearly enough to go nuts.

40,000 K a year, if you want to maintain the wealth.  You could draw down more, if you are older, but it really is not a lot of money.

  • Like 2
Link to comment
Share on other sites

7 minutes ago, Dirtyhip said:

Agreed.  One million is not nearly enough to go nuts.

40,000 K a year, if you want to maintain the wealth.  You could draw down more, if you are older, but it really is not a lot of money.

It is at my age. Depending on what womaxx would id move to japan

Link to comment
Share on other sites

If I got a million dollar windfall, I'd

  • set a small amount (about $10,000-$20.000)  aside for something fun like a trip  or a splurgy purchase
  • donate some  to charities I support
  • share some of it with family members, especially younger family members who are just starting out
  • invest the rest for retirement
  • Like 4
Link to comment
Share on other sites

Reflecting on my moms account, it showed the power of dividend investment...and something to think about. Zero bonds, 100% equity currently returning 4.8% in dividends - plus has had capital gains over the years. Looking only at dividends on a $1M portfolio, that is an extra $48,000/yr income, never touching the $1M. Now consider the market action over the past few months. Sure the $1M took a hit to the $700K level...but the $48,000 continued unabated as the companied have not reduced dividends - yet, nut something to watch closely and be prepared to shift assets if necessary. 

  • Like 1
Link to comment
Share on other sites

18 minutes ago, Goat Geddah said:

Work harder.  

LOL, working hard and saving a million aint enough?

:D

2 hours ago, Square Wheels said:

I would not pass it up, but I can't retire on that.

Seems like a lot of money if one is modest about living.  Boston must be really expensive.

  • Like 1
Link to comment
Share on other sites

15 hours ago, Dirtyhip said:

What would you do?

It would readily solve the "gap" years in my plan (currently age 56 to full, penalty free access to retirement $$$ and then SS) and let me retire immediately.

But, yeah, with COVID, I might not retire until after stuff opens up and I can actually use the money for something - mostly travel.

 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...